DISH Network (DISH) Price Target Cut to $37.00 by Analysts at Pivotal Research

DISH Network (NASDAQ:DISH) had its target price dropped by equities researchers at Pivotal Research from $40.00 to $37.00 in a research report issued to clients and investors on Friday, Marketbeat reports. The firm presently has a “buy” rating on the stock. Pivotal Research’s target price would suggest a potential upside of 16.17% from the stock’s current price.

The analysts wrote, “We continue to see potential issues with DISH retiring its core DBS 6 ¾% Senior due 2021 (and we see them scraping by their 5.125% Senior notes due 2020 with the cash from the core DBS business) = in early 2021 DISH may have to decide if they are going to hand the keys to DBS to bondholders or tap into the leveragability available at the DISH parent (where most of the spectrum value resides). We remind investors most of DISH’s debt is non-recourse to the DISH parent company where most of DISH spectrum resides + material cash. If we value the spectrum at cost, and assume DISH’s hands the DBS business to bondholders (valuing DBS at zero), our target would be $45 (not including potential reinstatement of DE discounts). 2H’19 should be an interesting for DISH as we should finally find out what Ergen plans on doing with his vast spectrum holdings.””

Several other research firms have also issued reports on DISH. BidaskClub raised shares of DISH Network from a “sell” rating to a “hold” rating in a research report on Wednesday, August 8th. Zacks Investment Research raised shares of DISH Network from a “hold” rating to a “strong-buy” rating and set a $42.00 target price on the stock in a report on Monday, September 17th. Moffett Nathanson lowered shares of DISH Network from a “neutral” rating to a “sell” rating and set a $29.00 target price on the stock. in a report on Monday, August 13th. Credit Suisse Group initiated coverage on shares of DISH Network in a report on Tuesday, July 10th. They set an “underperform” rating and a $30.00 target price on the stock. Finally, Macquarie lowered shares of DISH Network from a “neutral” rating to an “underperform” rating and decreased their target price for the stock from $36.00 to $31.00 in a report on Tuesday, October 23rd. Four equities research analysts have rated the stock with a sell rating, six have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $42.79.

Shares of NASDAQ DISH traded up $0.36 during midday trading on Friday, hitting $31.85. The company’s stock had a trading volume of 3,685,432 shares, compared to its average volume of 3,586,165. DISH Network has a one year low of $27.54 and a one year high of $52.53. The company has a quick ratio of 0.66, a current ratio of 0.76 and a debt-to-equity ratio of 1.94. The firm has a market cap of $14.46 billion, a P/E ratio of 12.54 and a beta of 1.25.

DISH Network (NASDAQ:DISH) last posted its quarterly earnings results on Wednesday, November 7th. The company reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.67 by $0.15. DISH Network had a net margin of 17.80% and a return on equity of 20.60%. The company had revenue of $3.40 billion for the quarter, compared to analyst estimates of $3.40 billion. During the same quarter in the previous year, the firm posted $0.57 earnings per share. The company’s quarterly revenue was down 5.3% compared to the same quarter last year. Equities analysts expect that DISH Network will post 2.79 EPS for the current year.

In other DISH Network news, insider James Defranco purchased 5,000 shares of the firm’s stock in a transaction that occurred on Monday, September 10th. The stock was bought at an average cost of $34.99 per share, for a total transaction of $174,950.00. Following the purchase, the insider now directly owns 1,198,529 shares in the company, valued at $41,936,529.71. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Over the last quarter, insiders purchased 90,000 shares of company stock valued at $2,904,550. 49.20% of the stock is owned by company insiders.

Several institutional investors have recently modified their holdings of the stock. Sumitomo Mitsui Trust Holdings Inc. increased its stake in shares of DISH Network by 2.8% in the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 698,743 shares of the company’s stock worth $24,987,000 after acquiring an additional 18,778 shares in the last quarter. Stone Ridge Asset Management LLC increased its stake in shares of DISH Network by 105.3% in the 3rd quarter. Stone Ridge Asset Management LLC now owns 20,454 shares of the company’s stock worth $731,000 after acquiring an additional 10,492 shares in the last quarter. Achmea Investment Management B.V. bought a new position in shares of DISH Network in the 3rd quarter worth about $824,000. Skandinaviska Enskilda Banken AB publ increased its stake in shares of DISH Network by 4.8% in the 3rd quarter. Skandinaviska Enskilda Banken AB publ now owns 45,881 shares of the company’s stock worth $1,641,000 after acquiring an additional 2,100 shares in the last quarter. Finally, Dupont Capital Management Corp bought a new position in shares of DISH Network in the 3rd quarter worth about $130,000. Institutional investors own 48.25% of the company’s stock.

DISH Network Company Profile

DISH Network Corporation, together with its subsidiaries, provides pay-TV services in the United States. The company operates in two segments, Pay-TV and Wireless. It offers video services under the DISH TV brand; and programming packages that include programming through national broadcast networks, local broadcast networks, and national and regional cable networks, as well as regional and specialty sports channels, premium movie channels, and Latino and international programming packages.

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